Super On Bonus Payments . Super bonus Stock Vector Image by ©lauraluchi 39964355 Do you pay superannuation on bonus payments? Considering superannuation is usually paid based on your fixed salary, if you receive bonuses, you may question if super is paid on those bonuses See the ATO guidance at List of payments that are ordinary time earnings | Australian Taxation Office (ato.gov.au) Bonus - YES - In most cases; Ex-Gratia Payment - No - As not OTE; Payment in Lieu - YES; Similar questions have been asked before see: Superannuation on payments in Lieu of Notice (more than minimum 4 weeks notice) | ATO Community
How to Calculate Bonus Pay and Taxes from www.techrepublic.com
Employers need to pay super on bonuses if certain requirements are met For the 2024-25 financial year, that's a minimum super contribution of 11.5%, though they may choose to.
How to Calculate Bonus Pay and Taxes I'm managing payroll process, and there is a retention bonus for someone stayed over the company. As an employer, you use: OTE to work out the minimum super guarantee contribution for your employees Australian Taxation Office, List of payments that are ordinary time earnings, ATO website, accessed 18 July 2024
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